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Mr McDonnell will say: "Under the Tories, we’ve seen more and more investment flowing into property speculation whilst high-tech firms have been starved of the money they need, and research spending has lagged far behind."

Labour will also create a Strategic Investment Board, to oversee the distribution of billions of pounds, and National Investment Bank, providing finance to both businesses and public sector organisations - and both of these are set to be based in Birmingham.

The Bank of England's remit, to keep inflation at 2% and promote employment, will be expanded to include a target of increasing productivity.

Shadow chancellor John McDonnell (Image: PA)

And the Royal Bank of Scotland, which was taken into majority public ownership in 2008 during the banking crisis, will remain publicly-owned and provide funding to smaller firms.

The Shadow Chancellor will launch Labour's final report into the UK’s financial system, which was led by economist Graham Turner of GFC Economics, at an event at the Royal Institute of British Architects in London.

The report, called Financing Investment, will warn that investment in new technology is concentrated overwhelmingly in London and the South East, with Britain’s overall investment rate the lowest in the G7.

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In addition, the UK’s output from high-tech industries has fallen on average over the last ten years, with only one other EU member having a worse performance.

Investment in manufacturing, ICT and other critical sectors lagged £28 billion behind investment in real estate companies during that period.

According to the report, the result of weak investment is a low rate of productivity growth overall, which impacts directly on wages and living standards.

The Bank of England buildings in London (Image: Anthony Devlin/PA Wire)

Mr McDonnell will say: "The last 8 years of Tory economic failure has led to real wages being lower today than they were in 2010, and the slowest decade of productivity growth since the Napoleonic Wars.

"These last few days of unfunded NHS spending commitments from Theresa May has shown that Labour is the real credible party of government.

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"But we also want to build the economy of the future, and to do that we will need to reform the economic architecture of our country so that it is prepared to meet the challenges of this century.

“Our financial system right now isn’t fit for this purpose. We need one that helps to deliver enough investment in the high-technology industries and firms so that we can reboot and rebuild Britain. This report is a vital part in making this happen."

Graham Turner, Chief Economist, GFC Economics, will say: “There are deep-seated structural problems in the UK economy. Recent poor economic data underlines the scale of the difficulties. The UK is ill-prepared to face the challenges of life outside the European Union.

"Without major changes to economic policy, the UK will be marginalised, left behind by countries with higher levels of investment in technology.